Wellington Capital PIF/Octaviar (MFS) PIF

[Harald]

Harald - unfortunately the meetings with their costs are locked in. Perhaps this will be an opportunity for you to ask questions directly to the RE. Of course, WC will most likely warn the audiences that any questions must be devoid of slanderous statements. That hurdle, as you know, can be jumped by well-crafted use of language.

No Selciper, JH will only answer Dorothy Dixers, even when You jump up and down
with well crafted use of language.

 

[simgrund]

Seamisty tried to find the link to no avail. I was informed of the article by one of our faithful lot who read it. It is a small article in the GCB. I think she said Friday's edition.

Thanks Charles36,
I asked to keep track of Mr.Nichols. I will try to dig further.
Cheers

 

[Jadel]

Harald - unfortunately the meetings with their costs are locked in. Perhaps this will be an opportunity for you to ask questions directly to the RE. Of course, WC will most likely warn the audiences that any questions must be devoid of slanderous statements. That hurdle, as you know, can be jumped by well-crafted use of language.

Selciper

I think it indeed would be useful to formulate a list of questions to ask at the ,so called ,.information session. I am prepared to start with this one below :

Jenny

Three years ago I prepared a submission, and subsequently had an interview with an ASIC analyst ,where I gave detailed information on why there was compelling reasons to believe a major fraud had taken place in our fund .

Subsequently, I and others provided data to ASIC that the Maximum Yield Fund had been used as a substitute entity , to illegally siphon money, taken directly from the PIF over a 24 hour period, to pay out Octaviers debt .

.I would therefore greatly appreciate if you could inform investors gathered here today, exactly why it was necessary to rapidly sell down 200 million dollars of PIF assets in order to pay out monies that were cynically stolen from our fund by Octaviers Directors .

As the RE at this time, you would have had in possession all the details this transaction on file . Moreover ,as a experienced corporate solicitor ,you would no doubt fully understand the legal implications ;namely that as a potential criminal transaction these funds were not in any way the responsibility of the PIF to reimburse to the Royal Bank of Scotland.

Justice Perram who is currently presiding Judge in our Class Action expressed this matter in the following terms ,“ just old fashioned fraud” .

It appears to me ,that instead of vigorously endeavouring to protect the interests of investors by testing the issue in a court of law, as any other RE with their salt would have done ,you chose to immediately and recklessly fire sale 200 million of our best assets at the height of the GFC .

An action, which has basically destroyed our fund and the lives of many investors .

Further to this Jenny , you were prepared to accept 22.5 cents in the dollar in lieu of that debt to certain directors who had subsequently gained control of Octavier ,and with whom you previously and currently now have close business and other affiliations.

MR Scott is a director is a Co director of S8 and Mr Burke I believe is an Enneagram cult leader whose beliefs are followed by some of your staff.

Regretably ,an impression could easily be drawn ,that the interests of protecting Octavier and these individuals came before the best interests of investors ,who under the Corporations Act you have a solemn responsibility to protect.

I would be very interested to hear your explanation regarding these matters.

 

[selciper]

Jadel - I thin your questions might elicit a lengthy silence! It's my opinion that anybody asking questions at these meetings should be reading them verbatim from a notepad. The questions should also be retained for the record. WC could do their best to rule tje curly ones as being out of order or improper. And, as if on cue, the roaming person with the microphone will sprint away towards the next in line...

 

[DepressedDad]

Jadel - I thin your questions might elicit a lengthy silence! It's my opinion that anybody asking questions at these meetings should be reading them verbatim from a notepad. The questions should also be retained for the record. WC could do their best to rule tje curly ones as being out of order or improper. And, as if on cue, the roaming person with the microphone will sprint away towards the next in line...

Any chance of investigative journalists being present for this very reason?

 

[seamisty]

Great point charles36. My guess is that the public pressure on auditors to pick up their game (in the light of all that Centro litigation) is translating to PIF's auditors putting downward pressure on WC's valuations of PIF's asset prices.

Just another thought, there has been much speculation and rumour that a close associate of WC with the same business address is now an additional substantial PIF unitholder after taking up units in the WC PIF placement offer. To the best of my knowledge the details of the new PIF/placement investors have not been publically announced. Usually the top 20 PIF holders are announced in the annual financial report, would this have something to do with the fact that Wellington Capital is holding information forums/meetings prior to the annual financial report being made public which could hold some information WC would rather not have to discuss publically???? Having been misinformed previously by senior WC staff on other issues I strongly suspect WC will not put themselves in a position where their credibility can be challenged, hence the non appearance of JH at the EGM in Sydney. Never under estimate the actions of desperate egos as was previously demonstrated by WC by having to be affilated with HIRED support to prop up a tarnished image!!!You had your chance to deliver your spiel at someone elses expense WC at the EGM. It was your call JH to ignore PIF investors and miraculously do a disappearing act when you realised your credibility was shot and your box of pink proxies would leave wet ink stains on any who handled them!! (we won't even go to names on said proxies) Seriously, apart from telling a few new PIF investors how freaking wonderfull WC is and assuring some misguided fund managers why they should still advise their clients to 'hold the faith', what is the purpose of these meetings????Is someone knocking at the WC door? If they aren't, they darn well should be. Seamisty

 

[charles36]

Jadel and others. like reading the posts but why would you ever believe JH will answer your questions, Jadel you have been trying for years, the PIFAG have been trying on behalf of unit holders to no avail. The meetings will be a "Claytons" meeting. Stacked to the rafters with paid staff and cohorts transported at great expense to all venues. The most asked questions list is being prepared now and JH's answers are being learned by rote. Any new questions will be answered with "that is a good question, breathing time, then rubbish will flow. Save our money Wellington Capital, resign and give a fair dinkum company a go.

 

[Duped]

Jadel and others. like reading the posts but why would you ever believe JH will answer your questions, Jadel you have been trying for years, the PIFAG have been trying on behalf of unit holders to no avail. The meetings will be a "Claytons" meeting. Stacked to the rafters with paid staff and cohorts transported at great expense to all venues. The most asked questions list is being prepared now and JH's answers are being learned by rote. Any new questions will be answered with "that is a good question, breathing time, then rubbish will flow. Save our money Wellington Capital, resign and give a fair dinkum company a go.

Exactly charles36. It's too easy for the following to occur.

That under absolutely no circumstances will non scripted questions be allowed to be asked.

This meeting can too easily be stage managed and stacked to the max.

All the questions can be scripted. There could only too easily be plenty of plants in the meetings who will have their hand up the whole time so it doesn't look suspicious but in the end, the mike need only be handed to unit holders who will ask the scripted questions. Easy peazy.Am I wrong? Anyone?

Make sure it's only WC and secretive WC supporters throwing dirt. Play the ball, not the man. No matter how dirty the opposition play. If you try and play dirty, they'll beat you with experience.

 

[selciper]

Well, if Charles36 is correct - and he has vast experience in these matters - we appear then to be checkmated before entering the venues. Perhaps the only psychological weapon we have avaialble will be good old derisive laughter.

 

[seamisty]

Exactly charles36. It's too easy for the following to occur.

That under absolutely no circumstances will non scripted questions be allowed to be asked.

This meeting can too easily be stage managed and stacked to the max.

All the questions can be scripted. There could only too easily be plenty of plants in the meetings who will have their hand up the whole time so it doesn't look suspicious but in the end, the mike need only be handed to unit holders who will ask the scripted questions. Easy peazy.Am I wrong? Anyone?

Make sure it's only WC and secretive WC supporters throwing dirt. Play the ball, not the man. No matter how dirty the opposition play. If you try and play dirty, they'll beat you with experience.

Thats why WC lost the plot and did the no show at the EGM!! All that carefull WC planning to stack the EGM with the rent a crowd and their own registry arrangements in place was exposed before it could be implemented. WC aren't going to take any chances next time!!! The pre meeting rehearsals are probably being conducted as I type! :blaah: Seamisty

 

[Duped]

Well, if Charles36 is correct - and he has vast experience in these matters - we appear then to be checkmated before entering the venues. Perhaps the only psychological weapon we have avaialble will be good old derisive laughter.

I don't know what to do selciper. We just all go along and put your hand up and be ignored?

Let WC land its punch? Because it won't change the numbers. 6.6c on the NSX. Only 2c return of capital. Substantial dilution through the placement. NTA plunging downwards.

Wake up WC supporters. Look at the numbers. PIF 'aint a social club. It's not a religion or a sect. The Corporations act is very clear - it's a "managed investment scheme". [emphasis added]. You're in it for the money. Not for clever and comforting words. If you want that, you could just stick the money in the bank and give the interest to the church through the Sunday collection and then join your fellows for a nice communal chat over some lovely tea and cake afterwards. (By far the better alternative IMO because the church uses at least some of that money to do valuable work in the community and fund schools.)

WC's excuse - "It remains a challenging time".

Well the response is simple then. WC is not up for the task. From what I've read, plenty of canny investors have profited well for the GFC. They see market turmoil and corrections as opportunity to profit. And now I'm reading about us sitting on the edge of a double dip global recession that many economists said would inevitably happen. Did WC take the opportunity of asset prices bolstered by quantitative easing and broader economic stimulus to exit PIF's positions? Doesn't look like it? Does it? If there's another dip into recession and nothing left in the tank for economic stimulus then what do we think will happen to PIF's asset values?

Based on what I've heard and read WC seems to be running PIF like a social club. We get more words about WC being OK during the Brisbane flood and after an electrical fault in their building than why WC has dropped from it's latest investor updates it's plans to make "measured new investments aimed at rebalancing the asset class allocations of the Fund in time".

 

[Duped]

Did my last post hit the spot? A trade just went through at 9.5c. Let's see if a higher price is sustainable or it's just a show trade like that show trade of $900 worth at 45c on 22 October 2008.

 

[seamisty]

Did my last post hit the spot? A trade just went through at 9.5c. Let's see if a higher price is sustainable or it's just a show trade like that show trade of $900 worth at 45c on 22 October 2008.

Or maybe someone needed a few PIF units in a hurry for 'Gifting' purposes? Bums on seats, new faces, a few more innocents handed a piece of paper ( by persons unrelated to WC of course) with a question they have to ask in return for being 'gifted' a few units??? The mind boggles but one can hardly be blamed for thinking the worst on past performances/shenanigans relating to the PIF can they? Seamisty

 

[zixo]

Did my last post hit the spot? A trade just went through at 9.5c. Let's see if a higher price is sustainable or it's just a show trade like that show trade of $900 worth at 45c on 22 October 2008.

Hi Duped,

Dont expect the unit price to stay there for long. Its more than likely a mistake or someones having a joke. I think JH would collapse in a heap knowing that the pif is actually associated with anything positive for its investors.

Just like her reputation its all gone downhill and its bound to stay there

 

[Duped]

Hi Duped,

Dont expect the unit price to stay there for long. Its more than likely a mistake or someones having a joke. I think JH would collapse in a heap knowing that the pif is actually associated with anything positive for its investors.

Just like her reputation its all gone downhill and its bound to stay there

It's got the marks of show trade. That 15,000 units was sitting in the Offer column at 9.5 cents for a while. Whoever bought them didn't even bother to put in a Bid at 7 or even 8 cents first.There's no buying depth above 7 cents.

 

[Duped]

WC STILL have the wrong numbers on WC's main Funds web page http://www.wellcap.com.au/index.php?option=com_content&view=article&id=7&Itemid=8:

"There are currently 755,032,768 Units in on issue in the Premium Income Fund. The Premium Income Fund currently has 10,729 Unitholders."

How out of touch with the product can WC be?

How's that going to inspire new potential investors who could put real upward pressure on the unit price on the NSX? The lower the NSX price the more likely PIF will get hit with "opportunistic" takeover offers. Investing 101. Could WC help paint a bigger target on PIF?

 

[Sutho81]

Back to Castlereagh again. Here is a quote from their website.

Castlereagh Capital Limited is still consdiering legal advice and reviewing the current position as to what course of action it will adopt. Once we have determined out course of action we will notify investors immediately. Due to the complexity of the matter our decision has been delayed for a period longer than we originally anticipated.

Electronic copies of the documents provided to unit holders of the Fund in relation to the Replacement of the Responsible Entity are provided below:

I dont know when they posted this information, but given they have not oficially told us they are no longer interested in our cause then it looks to me like there is a small glimmer of hope that they may have another crack at taking the fund.

Are there any other thoughts or people who know better?

 

[seamisty]

Just doing a bit of research on Rachel Weeks who"has been heavily involved in providing personality training since 2002, has worked in several major interventions focussing on the development of high performance teams, change management and conflict resolution in government departments, large professional services firms, and private enterprises"
http://webcache.googleusercontent.c...&hl=en&ct=clnk&gl=au&source=www.google.com.au

Wouldn't you think that such qualifications/involvements would be included as part of a Linkedin reference? Nothing, zip, zilch, nada from 1998 until 2006
http://au.linkedin.com/pub/rachel-weeks/b/307/757 Also missing from Ms Weeks linkedin profile is her time as a senior associate with McCullough Robertson, Brisbane. Yep the Linkedin profile sure has been pruned! it used to include::
2006 RACHEL WEEKS is a senior associate with McCullough Robertson, Brisbane.
Nov 2007 Rachel Weeks joined HWL’s Brisbane office as Special Counsel
9 September 2008 HWL EBSWORTH’S NATIONAL PARTNERSHIP CONTINUES TO EXPAND POST-MERGER Rachel Weeks, a Special Counsel in the Brisbane Commercial Group has been appointed to the position of Partner:;
Funny that, I heard there was also some recent severe pruning of details from Linkedin profiles of employees of 'Property Solutions & Advisory Pty. Ltd', a company closely associated with Balmain Trilogy (same adress etc, heard that before?) when it was questioned as to the relationship between the two companies.
Related party transactions appear to be closely monitored from many different levels. Seamisty

 

[seamisty]

Back to Castlereagh again. Here is a quote from their website.



I dont know when they posted this information, but given they have not oficially told us they are no longer interested in our cause then it looks to me like there is a small glimmer of hope that they may have another crack at taking the fund.

Are there any other thoughts or people who know better?

Anything is possible Sutho81, I hope CasCap correct those spelling errors! Seamisty

 

[selciper]

As a friend pointed out to me today, "14, 45, 60!" is a pretty good protesters' catch-cry.